busn 101 ch. 1 CC

standard of living

A loose, subjective measure of how well off an individual or a society is, mainly in terms of want satisfaction through goods and services is known as:

Specialization

A manufacturing technique, separating processes into distinct tasks to improve productivity, is called:

Factory System

A system of manufacturing where all the materials, machinery, and workers required to manufacture a product are assembled in one place is known as a:

As the price decreases, the quantity demanded increases.

As the demand curve slopes downward from left to right, this shows which of the following statements is true?

Two

In general, economists define a recession as _______ or more consecutive three-month periods of decline in a country's GDP.

controlling

In order to perform management functions, a manager must possess the ability to think in abstract terms in order to see the "big picture." This skill is known as a(n):

business

Studying _____ can help you develop skills and acquire knowledge to prepare for your future career, regardless of whether you plan to work for a multinational Fortune 500 firm, start your own business, work for a government agency, or manage or volunteer at a nonprofit organization.

a description of individual personal gains benefiting others.

The "invisible hand" refers to:

equalibrium price

The price at which the quantity demanded is exactly equal to the quantity supplied is called the____________________.

the gross domestic product (GDP).

The total dollar value of all goods and services produced by all people within the boundaries of a country during a specified time period (e.g., one-year) is called:

Customers

The ultimate objective of every firm is to satisfy the needs of its __________________.

conceptual skill.

To be an effective manager, which of the following is one of the four basic management functions that a manager must be able to perform?

Peak, recession, the trough, and recovery

What are the four phases in the typical business cycle?

Stakeholders

What is the term for all of the different people or groups of people that are affected by the policies, activities, and decisions of a business and whose concerns the business needs to address?

Business Owners

When considering the relationship between profits and business risks, which group of people is paid last?

fiscal policy

When the government attempts to influence the amount of savings and expenditures by altering the tax structure it is using _______ to offset the effects of a recession or depression.

The producer price index (PPI)

Which measure is an accurate predictor of both changes in the consumer price index (CPI) and prices that consumers will pay for many everyday necessities?

Profit is what remains after all business expenses have been deducted from sales revenue.

Which of the following statements best defines "profit"?

Many businesses are now using social media to provide customers with information about products and services.

Which statement below best represents the technological environment of business?

Monopolostic Competition

Which term describes the purely competitive market structure where many buyers are trying to satisfy a similar need with uniquely branded products from a relatively large number of sellers (e. g., sports-drinks)?

Mixed Economy

While the United States' economic system is rooted in laissez-faire capitalism, its government collects taxes and provides services (such as national defense and education), making the United States a ___________________________.

Capitalism

______ is an economic system based on free markets, in which all or most of the factors of production and distribution are privately owned and operated for profit.

a. Human resources, material resources, informational resources, and financial resources

For a business to organize and be successful, which of the following four resources must it effectively combine and use?

competition

In a capitalistic economy, _______ ensures that a firm will survive only if it serves its customers well by providing products and services that meet needs.